·The largest three individual stock positions are
IAC Interactive , Terex Corp., and IMAX Inc. and they add up to ~48% of the
portfolio.

Mick McGuire’s 13F portfolio value increased ~6% from $631M to
$670M this quarter. Recent 13F reports show ~20 individual stock positions. The
top five stakes are IAC Interactive (IAC),, Terex Corporation (TEX), IMAX Inc.
(IMAX), AAR Corp. (AAR), and Itron Inc. (ITRI), and they add up to around
two-thirds of the 13F portfolio.

Note: In September 2017, McGuire said he expects Terex
Corporation shares to triple although it had already doubled since he first
invested in July 2016. Shares were trading in the low-40s at the time. It
currently trades at $36.31.

Below is a spreadsheet that shows the changes to Mick
McGuire's Marcato Capital 13F portfolio holdings as of Q2 2018. For a look at
how the portfolio has progressed, see our previous update: